Tuesday, January 26, 2016

Unique Selling Proposition

(1:06) The concept of a Unique Selling Proposition was first put forth in the 1940's by Rosser Reeves, a pioneer in television advertising. The phrase has largely been replaced with the term "positioning." I find the older phrase more descriptive and thus more useful.

(0:58) My favorite definition is from the Entrepreneur website: The factor or consideration presented by a seller as the reason that one product or service is different from and better than that of the competition.

(0:52) The key here is "different from and better than". I love the emphasis on being unique. And love even more a quote from
entrepreneur and marketer Corbett Barr, "Companies often strive to be the best, but the first thing they should do is merely be different."

(0:43) This is not to say that being the best isn't a good thing. But all good businesses strive to be the best.

(0:40) If you are competing merely on being the best, you continually run the risk of being overtaken by your competition. However, if you find a way to be different from the competition, in a way that is meaningful to a segment of boaters, then you have essentially eliminated the competition.

(0:32) How can you begin to discover what your Unique Selling Proposition should be? Here's what Entrepreneur recommends:

(0:29) - Put yourself in your customers' shoes: Step back from your daily operations and carefully scrutinize what your customers really want. The answer might be quality, convenience, reliability, friendliness, cleanliness, courtesy, or customer service.

(0:21) - Know what motivates your customers' behavior and buying decisions: You need to know what drives and motivates customers. Go beyond the traditional customer demographics, such as age, gender, race, income and geographic location that most businesses use to analyze sales trends.

(0:12) - Uncover the real reasons customers buy your product instead of a competitor's: As your business grows, you'll be able to ask your best source of information - your customers. You will be surprised how honest people are when you ask how you can improve your service.

(0:05) Discover how you can stand apart from the competition in a meaningful way and you will see more business.

(0:02) And that's the marina minute.